Meanwhile, shipments of durable goods rose 0.7 percent in May. This was the same rate as was observed in April and the third consecutive monthly increase. Transportation dominated these numbers, as well, particularly in the aerospace categories. Other sectors which did well, mirroring those listed above for new orders. Motor vehicle shipments rose 0.4 percent, slower than the growth rates of March and April. Inventories rose by 0.5 percent, continuing their long streak of gains, with unfilled orders unchanged.

Overall, these numbers are welcome news. With so many other indicators reflecting weaknesses in the manufacturing sector, durable goods growth appears to be strengthening after signficant headwinds in March and April. Transportation orders account for the bulk of this gain, but the increases were not limited to motor vehicles and airplanes. Given the importance of the durable goods sector over the past couple years in our recovery, it will be vital for us to get this sector growing strongly again.

Chad Moutray is chief economist, National Association of Manufacturers.

Chad Moutray is chief economist for the National Association of Manufacturers (NAM), where he serves as the NAM’s economic forecaster and spokesperson on economic issues. He frequently comments on current economic conditions for manufacturers through professional presentations and media interviews. He has appeared on Bloomberg, CNBC, C-SPAN, Fox Business and Fox News, among other news outlets.